Best savings account for £1300 per month savings

A_New_Start

Hello, I looked on all the savers on the ML website and most have limits on how much you can stash away often£250/£300 and I don't want the hassle of having 4 or 5 different savers.
I want to save £1300 a month (don't need access) ideally full amount each month to go into an account. My current Tesco bank saver is due for expiry at 1.35% and the best they have on their website is 0.65% ,a sign of the current times.
I also have a savings balance (one Tesco has expired) of £33,000 and looking to get the best rate on that.
Could anyone point me in the right direction please?

grumiofoundation

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/

SFindlay

A_New_Start said:

Hello, I looked on all the savers on the ML website and most have limits on how much you can stash away often£250/£300 and I don't want the hassle of having 4 or 5 different savers.
I want to save £1300 a month (don't need access) ideally full amount each month to go into an account. My current Tesco bank saver is due for expiry at 1.35% and the best they have on their website is 0.65% ,a sign of the current times.
I also have a savings balance (one Tesco has expired) of £33,000 and looking to get the best rate on that.
Could anyone point me in the right direction please?

Theres no secret account people will tell you about its all there on the best buy table, if not willing to take the time to simply set up 4 direct debits to make the most of the available regular savers then you just need to take your pick from best buy and put it in that. 

penners324

Up your pension contributions significantly? Pay more off your mortgage?

penners324

Fixed rate savers? Though that's the lump sum option 

planteria

penners324 said:

Up your pension contributions significantly? Pay more off your mortgage?

in the current market i think they're better ideas that straight Saving - in terms of saving cash.
until fairly recently we could save up to £1250/m at 5% with the right selection of Current/Savings accounts, but now i would use spare monthly to invest, one way or another, or reduce debt.

A_New_Start

Thanks for all replies, the aim of the savings is to pay my mortgage off in just over 2 years time. £44,000 outstanding current fixed deal ends Nov 2022 1.99%. By then I should have exceeded the outstanding mortgage amount with the savings amount and then have a good base for future savings. No debt except a manageable £2-300 on credit cards. 5 year old car paid for in full last year. Live very frugally, save 60% of net wage but equally very happy.
Appreciate there isn't a savings account that meets my criteria so going to look at multiple fixed rate savers with a view to max out any possible interest available.

stephenadarglas

Why don't you overpay your mortgage now with higher monthly payments?

burner01

Pension is the obvious answer

Sea_Shell

Have you also got a separate emergency fund saved in addition to the "pay off mortgage" fund?

It's great to get it paid off and make pension contributions, but that money is then no longer available to you.

A_New_Start

stephenadarglas said:

Why don't you overpay your mortgage now with higher monthly payment

I'm happy paying the standard payments and saving the most I can at the moment.